Gold and silver climbed to new record highs on Friday, as investors moved aggressively into safe-haven assets amid rising geopolitical tensions and a weaker U.S. dollar. The rally capped a strong year-end performance for precious metals, driven by heightened uncertainty across global markets.
Spot gold rose 0.6% to $4,506.76 per ounce by 21:55 ET, after earlier touching a fresh all-time high of $4,530.60. U.S. gold futures for February delivery also advanced, gaining 0.7% to settle at $4,537.55. Overall, gold prices were on track to post a weekly gain of nearly 3%, as investors sought protection from mounting geopolitical and macroeconomic risks.
Silver outperformed gold, with spot prices surging more than 4% to reach a new record high of $75.14 per ounce. The metal was set to climb over 7% for the week, reflecting both strong safe-haven demand and its growing role in industrial applications.
Geopolitical developments played a central role in boosting precious metals. Safe-haven buying intensified after the United States increased pressure on Venezuela’s oil exports, raising concerns over potential supply disruptions and broader regional instability. Market anxiety deepened further after President Donald Trump stated on social media that U.S. forces had carried out strikes against militant targets in Nigeria, underlining Washington’s readiness to deploy military force across multiple regions.
Silver closely followed gold’s advance, supported not only by defensive flows but also by steady demand from sectors such as electronics and clean energy. Thin holiday trading conditions, combined with strong investment inflows and limited physical supply, amplified price movements across both metals.
The rally was reinforced by continued weakness in the U.S. dollar, which slipped against a basket of major currencies. The greenback has faced pressure amid growing expectations that the Federal Reserve could begin easing monetary policy in 2026, as inflation shows signs of cooling and economic growth moderates.
Lower U.S. Treasury yields have further supported non-yielding assets like gold, as investors reassess the outlook for interest rates and rotate portfolios toward stores of value. While low liquidity during the holiday period may lead to sharper price swings, analysts note that underlying fundamentals continue to point toward sustained strength in both gold and silver heading into the new year.
